Foreign debt collection in usa

VietNamNet Bridge - The National Assembly has approved a plan to raise the foreign ODA ceiling from VND300 trillion to VND360 trillion ($15.41 billion) for medium-term public investment in the 2016-2020 period. NA has approved the plan to raise the foreign ODA ceiling Economists all agree that the lifting of the ceiling is necessary to obtain enough capital for development. Vietnam will have to bear higher risks when borrowing money from foreign sources because of the possible exchange rate fluctuations. The capital cost Vietnam has to pay for foreign loans depends on Vietnam’s credit rating as well. Therefore, Ngai believes that mobilizing domestic capital sources is the best solution for economic and infrastructure development. RELATED NEWS Sovereign foreign debt down, enterprises’ foreign debt up Vietnam’s foreign debts rise rapidly on USD appreciation Nam Mai … [Read more...] about NA to raise foreign debt ceiling as demand rises for investment capital

In a recent report to the National Assembly (NA), the government said foreign debt is currently 49.7 percent of GDP, within touching distance of the cap it has set of 50 percent. It has increased from last year’s 45.2 percent, and the government expects it to rise to 49.9 percent next year, the report said. The debt figure is comprised of government debts, government-guaranteed debts and companies’ debts. “Companies’ debts account for half of total national debts and have been increasing rapidly,” Minister of Finance Dinh Tien Dung said at the NA meeting on Monday. They increased by 42 percent last year, partly because of the $4.8-billion loan Thai Beverage (ThaiBev) took to acquire Vietnam’s largest brewery, Saigon Beer Alcohol Beverage Corp (Sabeco). Since ThaiBev borrowed the money from a Thai bank through its subsidiary VietBev, the loan is considered part of Vietnam’s foreign debt. Analysts warn Vietnam’s credibility would take a hit … [Read more...] about Vietnam’s increasing foreign debts a cause for worry

Foreign debt surge attributed to enterprisesBy Van Ly Minister of Finance Dinh Tien Dung answers NA deputies’ questions - PHOTO: QUOCHOI.VN HANOI – Local enterprises’ foreign loans have sent the country’s foreign debt soaring in recent years, said Minister of Finance Dinh Tien Dung at a question-and-answer session before the National Assembly (NA) today, October 30. Answering a question on the sharp increase in the country’s foreign debt, Minister Dung said that under the Law on Public Debt Management, foreign debts comprise Government debts, Government-guaranteed debts and enterprises’ debts. Recently, the Government has adopted multiple solutions to settle foreign debts. As a result, the foreign debt-to-gross domestic product (GDP) ratio has been cut from 60% in 2011 to 40% at present. Of which, Government debts currently account for 21% of the GDP, dropping from 24% in 2011, while the Government-guaranteed debt-to-GDP ratio dropped to … [Read more...] about Foreign debt surge attributed to enterprises

Govt misses budget revenue collection target, public debt swells in Jan-SeptBy Ngoc Lan A view of Ca Mau Gas-Power-Fertilizer Complex. The Government plans to increase tax on nitrogenous fertilizer in 2019 – PHOTO: TL HANOI – The Government did not achieve its budget revenue collection target in January-September, while the country’s public debt burden was getting heavier, according to the National Assembly's (NA’s) Finance and Budget Committee’s report on the State budget performance this year and plans for next year, delivered at the NA’s sixth sitting on October 22. High budget revenue collection targets According to the Finance and Budget Committee, the Government had set unachievable targets for revenue from domestic production and business activities compared with last year, leading to the lower-than-expected revenue from local enterprises. Although the State budget revenue this year may surpass the estimate as the amount in the … [Read more...] about Govt misses budget revenue collection target, public debt swells in Jan-Sept

VietNamNet Bridge - The nation’s foreign debts had reached VND2,451,978 billion as shown in the government’s report to the National Assembly on using loans and managing public debts as of the end of December 2017. With the official exchange rate of VND22,425 per dollar announced by the State Bank of Vietnam (SBV) on the last day of the last year, Vietnam’s total foreign debts had reached $109.34 billion. As the dong is losing value against the US dollar, Vietnam’s foreign debts are getting bigger. According to Thoi Bao Kinh Te Saigon, the amount of money the state budget has to pay additionally for principal and interest this year could be trillions of dong because of the exchange rate fluctuations. The foreign debts incurred by businesses are an important part of the nation’s foreign debts. However, the Ministry of Finance (MOF) doesn’t show figures about foreign loans provided to Vietnam’s businesses. RELATED NEWS Foreign debt … [Read more...] about Vietnam’s foreign debts rise rapidly on USD appreciation